The Finance Department, Government of Nagaland has issued a notification no. FIN/GEN/SLBC/12/2012 dated 10th December 2021 stating that in conformity with the special provision conferred by Article 371A (1) (a) (iv) of the Constitution of India, the Governor of Nagaland has notified the implementation of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002) in Nagaland with effect from the date of this notification.

In so far as the sale of secured assets taken over by the banks and financing institutions is concerned, it can be sold only to indigenous inhabitants of Nagaland in accordance with provisions of the Nagaland Land and Revenue Regulations (Amendment) Act, 2002.

                                                                                    (DIPR)